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The startup’s cloud SaaS solution greytHR automates key areas of HR, payroll management, leave and attendance tracking

Greytip Software, a provider of HR and payroll solutions to SMEs and enterprises in India, has raised INR 35 crore (over US$5 million) in Series B round of funding, led by New Enterprise Associates (NEA) and Blume Ventures.

The investment will be primarily used to enhance its flagship cloud solution greytHR to enable its adoption among a wider set of enterprises and small businesses, as well as for expansion into Tier 1 and Tier 2 markets.

Bangalore-based Greytip’s greytHR automates key areas of HR, payroll management, leave and attendance tracking, thereby reducing and simplifying work.

It also offers an employee self-service mobile app, which has clocked more than 30,000 downloads, empowers employees to check their TDS, PF, etc. on the go.

The startup claims to be enabling more than 3,500 businesses to manage 300,000-plus employees daily.

“With more than 300,000 employees across India already getting their payroll processed each month through their SaaS platform, greytHR is well poised to grow through new product offerings and expanding reach. Their deep presence in the Indian market makes them an ideal platform to benefit from the digitisation of enterprises in India, irrespective of company size, sector or location,” said Tarun Sharma of NEA India.

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